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BHSF boosts reserves in healthy annual report

Not-for-profit health insurer BHSF announced today that despite a small fall in premium income because of the UK economic conditions, it has strengthened its reserves by eight per cent to nearly £23 million in 2009.

The Birmingham-based group’s operating profit was almost 20 per cent higher than in 2008 and the recovery in investment conditions lifted the pre-tax profit to £3.8 million following a loss of £1.5 million in 2008 because of the downturn in the values of stocks, shares and property.

Chief Executive Peter Maskell said: “As a not-for-profit business, we are able to take long-term views about what is in the best interests of the business as we do not face shareholder pressure for dividend payments.

“This includes our approach to investments where day-to-day changes in values are not a worry.We continue to be able to pay claims and expenses out of premiums and investment income.”

New products introduced during the year included a personal cancer insurance called Plan4Life and a new individual personal accident insurance.

Mr Maskell added: “Our service standards are without parallel and in independent testing of customer reaction, we achieve overwhelming acclaim.

“We invest heavily in the development of our team and in state-of-the-art technology, enabling us to deliver our promises to the 400,000 people whom we insure.During 2009 we paid 443,518 claims, the vast majority of these within two days of receipt.”

Alongside its successful business operations, BHSF is a big supporter of the community through its Corporate Social Responsibility programme.

Mr Maskell said “Our philanthropic roots were laid down in 1873 and we continue the belief that successful organisations should share their good fortune with those around them who are not so well placed.

“We do this largely through a number of partnerships where we are able to provide both financial help and physical support using the goodwill and enthusiasm of so many of our team.”

Chairman Paul Kanas added: “We have a strong team running this rock-solid business.We have produced impressive results in 2009 and have served our customers very well.We have every confidence in our ability to deliver another successful year in 2010.”